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Putty in existing lamp niche

I have a pool that was built around 2005. It has a Pentair wet niche for the lamp.

I bought the house in 2006, so I am the second owner; the previous owner had the pool for a year.

I want to relamp with an LED but when I started to research the steps required I realized there is a cone of putty around the lamp cord at the back of the niche.

I read that leaks from the back of the niche are very common and that putty is a common way to fix these leaks. I have never had a leak but I am wondering if there was a leak during the year the previous owner had it? Or perhaps some pool installers will use putty as a matter of course during installation?

I'm going to have to try chiseling the putty out so I can upgrade my lamp. Does anybody think this is a folly for a non-mission-critical lamp upgrade - better to leave it alone?